Back to news » Bulgaria will be able to adopt the euro in 2023

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Bulgaria will be able to adopt the euro in 2023

The international rating agency Fitch Ratings has affirmed Bulgaria’s long-term foreign and national currency credit rating at BBB with a positive outlook, the Finance Ministry said. According to the agency, our country may adopt the euro in 2023.

The assessment of the credit rating is supported by sound external and public finances, a prudent policy of gradual accession to the euro area and prospects for sustainable growth.
The agency believes that the Bulgarian authorities and European partners are following the announced readiness to complete the process of accession to the IMII and the Banking Union . Analysts say that this will happen by the end of 2019 and the transition to the euro by January 2023.

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Private consumption remains stable supported by wage increases. However, growth momentum is likely to slow in the short term due to external challenges arising from the weak economic outlook of key trading partners. On the other hand, the continued flow of funds from the EU will serve as a buffer in the face of adverse economic developments.

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Factors that could, individually or in combination, lead to an upgrade are progress towards euro area accession, increased potential growth, and further improvements in external and fiscal balances.

The main https://hata.co.ke/mombasa/houses-apartments-for-rent factors that could individually or collectively lead to a downgrade are a resurgence of external imbalances and/or deterioration in competitiveness, as well as a sharp rise in public debt as a result of a weakening fiscal position or the materialization of contingent